Egypt’s foreign reserves climb to record $57.2bn in August
A rally in gold prices helped lift Egypt’s net international reserves to a new high last month.
Tariq Benali Tariq Benali covers business and corporate news across the UAE and MENA for Anecdoted, tracking the deals, leadership moves and regulatory shifts behind the region's companies. tariq@anecdoted.com
Egypt’s net international reserves reached a fresh peak of $57.2 billion in August, up $920.6 million from the previous month, the Central Bank of Egypt reported. The 1.6% increase builds on a string of monthly gains that have taken the country’s foreign-currency buffer well above its level at the close of last year.
The August figure compares with $56.3 billion in July, $55.1 billion in June, and $53.1 billion in May. Since January, the reserve stock has grown by roughly $4.6 billion, rising from $51.45 billion at the end of 2025.
Most of last month’s advance came from a jump in the value of the central bank’s gold holdings, according to state-run Ahram Online. That increase more than offset a drop in foreign-currency assets. Gold reserves rose by about $1.9 billion to $19.1 billion, while holdings of foreign currencies fell by approximately $1.2 billion to $37.6 billion — their first monthly decline in half a year.
The central bank added around 8,000 ounces of gold in August, lifting its total stock to 4.17 million ounces. But the physical purchase explains only part of the valuation gain. A sharp appreciation in global gold prices during the month contributed heavily to the increase in the dollar value of those reserves.
Egypt’s holdings of Special Drawing Rights at the International Monetary Fund also rose, climbing by about $160 million to $606 million.
The larger reserve cushion gives Egypt more room to finance essential imports, service external debt, and absorb external shocks. The country has seen stronger inflows from several hard-currency sources this year. Remittances from Egyptians working abroad hit a record $47.3 billion in fiscal year 2025-2026, a 29.6% increase over the $36.5 billion recorded a year earlier. Suez Canal dollar revenues also strengthened, rising 23% to $4.67 billion over the same fiscal year.
Economic growth has accelerated alongside the improvement in external accounts. Real GDP expanded 5.1% in fiscal year 2025-2026, up from 4.4% in the previous fiscal year. Inflation, however, picked up again in July, with nationwide annual price growth reaching 13%, compared with 12.2% in June.
